Magic Eden NFT Marketplace Expands Blockchain Support to Ethereum

Previously, the Magic Eden platform only featured digital collectibles built on the Solana blockchain.

By Radhika Parashar | Updated: 3 August 2022 13:23 IST

Magic Eden NFT Marketplace Expands Blockchain Support to Ethereum

Photo Credit: Reuters

During the recent slump in the crypto market, NFT trade volumes have sunk

Highlights

Magic Eden controls over 90 percent of Solana NFTs
Magic Eden is looking to explore into cross-chain trading
NFT marketplaces such as OpenSea have recorded NFT trading slumps

Despite declining sales, players in the NFT sector have been trying to finetune services and open the space for more creators and buyers. Magic Eden, a marketplace for NFTs, has now added support for NFTs built on the Ethereum blockchain. Previously, the platform only featured digital collectibles built on the Solana blockchain. Now that Ethereum is part of Magic Eden, the platform will allow people to use its minting tools as well as marketing support.

“We don't think winning on ETH will happen overnight. We are entering the market with humility and are prepared to build for a long while. With that being said, we have a strong conviction for our hypothesis on what NFT creators and collectors need from their marketplace,” Coindesk quoted Zhuoxun Yin, co-founder of Magic Eden as saying.

The integration of Ethereum with Magic Eden comes at a time when the blockchain is closer than ever to getting its eco-friendly update.

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Called the ‘Merge', this upgrade to the Ethereum blockchain will slash its power requirements by 99.95 percent, making it easy on the environment. As per recent updates shared by Ethereum developers, the release date for the Merge has tentatively been scheduled for September 19.

The number of NFT collections on the Ethereum blockchain has increased by 100 percent from last year. Compared to the number recorded a year ago, with only around 15,500 NFT collections available, more than 80,000 NFTs are now on Ethereum, said the data from IntoTheBlock.

Want an opportunity to be one of the first to get a sneak peak of our Eth integration? :eyes:

An opportunity to join our Eth private beta will be posted in our Discord server! Join via the invite below for more details posted in Announcements! :handshake:https://t.co/mDfYfN8t0l
— Magic Ethen :magic_wand: (@MagicEden) August 2, 2022

The platform, that raised $130 million (roughly Rs. 1,025 crore) in a Series A in late June and touched a valuation of $1.6 billion (roughly Rs. 12,616 crore), is looking into bringing a ‘cross-currency trading product'.

The sales of NFTs reached $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.

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During the recent slump in the crypto market however, trading on the OpenSea NFT marketplace steadily declined throughout the first two quarters of the year, sliding from $5.8 billion (roughly Rs. 46,408 crore) in January to $3.1 billion (roughly Rs. 24,805 crore) in May, data by Dune showed.

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Further reading: Magic Eden, Cryptocurrency, NFT, Non Fungible Token, Ethereum

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More